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Exxon (XOM) Finds No Oil at Bulletwood-1 Well in Offshore Guyana

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Zacks Equity Research
·3 min read
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ExxonMobil Corporation XOM and partners drilled a dry well at the Bulletwood-1 offshore well in the Canje Block, positioned 180 kilometers off the coast of Guyana.

The company mentioned that it failed to discover commercial quantities of oil at the Bulletwood-1 well, which is the first among the three wells expected to be drilled on the ultradeep Canje block.

During the drilling, the Bulletwood-1 well identified the presence of quality reservoirs and not commercial hydrocarbons. The well was dug 2,846 meters below the water surface and at a vertical height of 6,690 meters, with the help of the Stena Carron drillship.

Notably, this is the third dry hole to be drilled by ExxonMobil in four months offshore Guyana. Earlier, the Hassa-1 well on the Stabroek block and the Tanager-1 well on the Kaieteur block failed to make a commercial find in the primary target reservoirs.

At present, the Canje Block is operated by Esso Exploration & Production Guyana Ltd, a subsidiary of ExxonMobil, with a 35% ownership interest. The remaining partners include TOTAL SE TOT, holding a 35% interest in the block, while JHI and Mid-Atlantic Oil & Gas Inc. own 17.5% and 12.5%, respectively.

ExxonMobil commenced the exploratory drilling in early 2021. Subsequent to the Bulletwood-1 well, the drilling of the independent prospects Jabillo-1 and Sapote-1 is expected to follow in the upcoming months.

Company Profile & Price Performance

Headquartered in Irving, TX, ExxonMobil is one of the leading integrated energy companies in the world.

The company’s shares have outperformed the industry in the past six months. Its stock has gained 64.5% compared with the industry’s 46.3% rally.

Zacks Rank & Other Stocks to Consider

The company currently carries a Zack Rank #2 (Buy).

Some other top-ranked players in the energy space are Magnolia Oil & Gas Corporation MGY and W&T Offshore, Inc. WTI. Magnolia currently sports a Zacks Rank #1 (Strong Buy), while W&T Offshore carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Magnolia’s earnings for 2021 are expected to increase 22.1% year over year.

W&T Offshore’s earnings for 2021 are expected to rise 6.1% year over year.

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Exxon Mobil Corporation (XOM) : Free Stock Analysis Report

TOTAL SE (TOT) : Free Stock Analysis Report

W&T Offshore, Inc. (WTI) : Free Stock Analysis Report

Magnolia Oil & Gas Corp (MGY) : Free Stock Analysis Report

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